From The Korea Times

A South Korean bank has rejected North Korea’s request to open a bank account, amid U.S. financial sanctions against the North for its alleged involvement in illegal activities, including counterfeiting, officials at the Ministry of Unification said yesterday.

Pyongyang sought to open an account with Woori Bank in the Kaesong industrial complex on Sept. 14, last year, one day before Washington imposed sanctions on a Macau bank suspected of aiding the North launder counterfeit U.S. bills, the ministry’s spokesman Yang Chang-seok told reporters.